By Geraldine Amiel
PARIS--The European Central Bank stands ready to "intervene"
again if necessary to preserve the euro's stability, its president
Mario Draghi said Friday, in a reference to the "unconventional
means" the ECB has pledged to use.
In September, Mr. Draghi announced that the central bank could
buy a potentially unlimited quantity of the bonds of struggling
euro-zone governments, under strict conditions. Germany's
Bundesbank has repeatedly opposed the policy, warning that it is
akin to financing governments.
Speaking in a live interview with French radio Europe 1, Mr.
Draghi said that the euro zone isn't yet out of the crisis and that
the first signs of its economic recovery won't show until the
second half of next year. When asked if 2013 could actually prove
more positive than expected, Mr Draghi answered "I hope so."
The short-term economic contraction experienced by the euro zone
is "unavoidable," as the bloc is addressing its sovereign debt
issues, but this should set the base for a sounder economy
providing structural reforms are put into place, Mr. Draghi
added.
Greece's international creditors reached a deal earlier this
week on the terms of its continuing bailout which unlocked about 44
billion euros ($57 billion) in long-delayed loan payments. Asked
whether Greece would remain a member of the euro zone, Mr. Draghi
said "the answer is positive."
Write to GĂ©raldine Amiel at geraldine.amiel@dowjones.com